Consolidation patterns have formed on the Daily and 4H Charts of some pairs over the last few days and these can be traded between Support and Resistance until the breakouts take place. Between 100 and 200 pips can be easily taken, making strong contributions to a traders´profitability.
On the 4H Chart of the EURO CAD, a large 200 pip range has been formed. The price is currently above Resistance but a break back inside with a strong enough candlestick signal would indicate a movement back down to Support.
EURO CAD
Assuming an entry price of 1,5300 at the close of the 4H bearish signal, exit would be set to 1,5190 just above the Support line at 1,5157-a 110 pip- gain.
On the CAD JPY, we have a Pennant setup on the Daily Chart that also looks as if its about to go back down to Support.
The overall distance between Support 91,40 and Resistance 93,50 is about 210 pips, so between 100 - 130 is possible if entry takes place now.
CAD JPY DAILY CHART
On the 4H Chart of the EURO CAD, a large 200 pip range has been formed. The price is currently above Resistance but a break back inside with a strong enough candlestick signal would indicate a movement back down to Support.
EURO CAD
Assuming an entry price of 1,5300 at the close of the 4H bearish signal, exit would be set to 1,5190 just above the Support line at 1,5157-a 110 pip- gain.
On the CAD JPY, we have a Pennant setup on the Daily Chart that also looks as if its about to go back down to Support.
The overall distance between Support 91,40 and Resistance 93,50 is about 210 pips, so between 100 - 130 is possible if entry takes place now.
CAD JPY DAILY CHART
